Re:Who Owns the US National Debt?
by throwaway59553 on Tuesday September 07, 2021 @07:28AM
(#28443411)
>This money system was built into what it is now by the Medici:
It's funny because the Warburgs could trace their lineage back to Venice.
Re:Who Owns the US National Debt?
by pibechorro on Tuesday September 07, 2021 @06:41AM
(#28443143)
Crypto fixes this. Pseudo private, politically motivated monetary debasment is archaic and fuels inequality by punishing savers.
That's exactly the same as the arguments made by proponents of the gold standard, and it's just as wrong now as it was then. Crypto is an alternative to investing in gold, not an alternative currency. It has all the same market dynamics.
Crypto is far too broad a term to use and say it's the same as Gold.
In many ways it worse (PoW for Bitcoin), in some its better (banking for the bankless). However you can have Crypto that has an inflationary mechanism that's codified (can still be gamed), none the less it can be inline with modern monetary schemes.
A country's central bank (The Fed) is not the same as the country (U.S.A.), or more specifically, the government of a country (PoTUS, Congress, ...Treasury).
The central bank is an entity, like a company is an entity, that is lending to the Government, which is often more than one specific entity. The Public.
It can be confusing in the same way that explaining how BGP is used to route TCP packets, across an IP network, with an AES representation of some data that can be used to store value.
That said, money !== resources.
The Fed does issue money which is exactly just 'money creation'. But... It issues bonds to show that other entities will hold the other side, or a 'loan' of the money just created.
This money system was built into what it is now by the Medici: https://en.wikipedia.org/wiki/House_of_Medici
Niall Ferguson wrote a great book which gives a detailed history called 'The Ascent of Money'(2008). Niall's other books are worth a read too.